Treasury yields tumbled after the Federal Reserve left interest rates unchanged and signaled that it is projecting two rate hikes this year, instead of four. Treasury yields fall when prices rise and vice versa. The yield on the two-year Treasury note plunged from a two-month high reached earlier in the session, trading down 7.7 basis points on the day at 0.891%, its lowest level in nearly two weeks, according to Tradeweb. One basis point is equal to one-hundredth of a percentage point. The yield on the benchmark U.S. 10-year Treasury note lost 3.7 basis points to 1.920%, its lowest level in a week. The yield on the 30-year bond known as the long bond, lost 1.1 basis point to 2.710%.
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